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Baetica Company reported the following selected financial statement data for the year ended December 31, 20X7:

in millions

% of Sales
For the year ended December 31, 20X7:
$500
100%
Sales
Cost of goods sold
(300)
60%
Selling and administration expenses
(125)
25%
Depreciation
(50)
10%
Net income
$25
5%
>
As of December 31, 20X7:
Non-cash operating working capital ^a
$100
20%
Cash balance
$35
N/A
^a Non-cash operating working capital = Receivables + Inventory – Payables

Baetica expects that sales will increase 20% in 20X8. In addition, Baetica expects to make fixed capital expenditures of $75 million in 20X8. Ignoring taxes, calculate Baetica’s expected cash balance, as of December 31, 2008, assuming all of the common-size percentages remain constant.
A. $40 million.
B. $80 million.
C. $30 million.

答案解析：

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2008 sales are expected to be $600 million ($500 million 2007 sales × 1.2) and 20X8 net income is expected to be $30 million ($600 million 20X8 sales × 5%). 2008 non-cash operating working capital is expected to be $120 million ($600 million 20X8 sales × 20%). The change in cash is expected to be –$5 million ($30 million 20X8 net income + $60 million 20X8 depreciation – $20 million increase in non-cash operating working capital – $75 million 20X8 capital expenditures). The 20X8 ending balance of cash is expected to be $30 million ($35 million beginning cash balance – $5 million decrease in cash).
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in millions		% of Sales
For the year ended December 31, 20X7:	$500	100%
Sales
Cost of goods sold	(300)	60%
Selling and administration expenses	(125)	25%
Depreciation	(50)	10%
Net income	$25	5%
>
As of December 31, 20X7:
Non-cash operating working capital ^a	$100	20%
Cash balance	$35	N/A